If you think that Bitcoin will rise soon, some experts think more. According to one of them, the volatile cryptocurrency will remain volatile but could hit $50,000 meteorically.
Jeet Singh is the expert behind this prediction and a cryptocurrency portfolio manager who says that for the last six years, Bitcoin has remained volatile but needs to fluctuate by 70% or 80% as most of the virtual currencies.
He stated this at the World Economic Forum in Davos and compared cryptocurrencies such as Bitcoin and Ripple to early tech giants like Microsoft. He also said “If you look at Microsoft or Apple, when they went public their stocks were very volatile because the market wasn’t mature.”
The market volatility may have worried some cryptocurrency traders. However, long-term investors are less concerned and ‘got used’ to these fluctuations, as Mr. Singh explained. He said:
“Bitcoin could definitely see $50,000 in 2018. However, we will probably go through a suffering period of volatility” around the time of Bitcoin’s next $10,000 landmark.
Bitcoin’s volatility already made a lot of experts point to its as a bubble. One of them was Bank of Canada boss Stephen Poloz who claimed the cryptocurrencies would never be used as a legit currency. He also said that they have no intrinsic value and would not be seen as ‘assets’ in the same bowl with other investments.
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